STAND. COM. REP. 2704

Honolulu, Hawaii

, 2004

RE: S.B. No. 2281

S.D. 1

 

 

Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 2281 entitled:

"A BILL FOR AN ACT RELATING TO THE HIGH TECHNOLOGY DEVELOPMENT CORPORATION,"

begs leave to report as follows:

The purpose of this measure is to permit the High Technology Development Corporation to deposit moneys collected or received from or on behalf of clients for projects under a contract for services into a private client account in a bank or financial institution.

The measure also repeals the $3,000,000 cap on the high technology special fund.

Your Committee finds that all moneys, fees, and equity from tenants, qualified persons, and other users of the High Technology Development Corporation's industrial parks, projects, other leased facilities and other services and publications are deposited into the high technology special fund. However, to allow the High Technology Development Corporation more flexibility, this measure will allow it to establish a separate bank account for moneys it collects and receives for projects under a contract for services, as provided in section 206M-3.4. Your Committee finds that these funds are external to state funds and are a source of funding that helps offset the Corporation's operating and payroll expenses.

Your Committee has amended this measure by:

(1) Changing the term of "private client account" to "private trust account";

(2) Adding a definition for "private trust account in any bank or financial institution" for clarity; and

(3) Changing its effective date to July 1, 2050, to facilitate further discussion on this matter.

As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2281, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2281, S.D. 1.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

____________________________

BRIAN T. TANIGUCHI, Chair